AUD/USD keeps the red near 3-week lows post-Chinese macro data
|- Remains depressed for the fourth session in the previous five.
- Mixed Chinese macro data does little to influence the move.
- Investors now eye US retail sales figures for a fresh impetus.
The AUD/USD pair managed to recover few pips from three-week lows, albeit seemed struggling to extend the momentum further beyond the 0.6900 handle post-Chinese macro data.
The pair remained under some selling pressure for the third consecutive session, also marking the fourth day of negative move in the previous five and retreated farther from last Friday’s post-NFP swing high to one-month tops.
Growing market concerns over a further escalation in the US-China trade tensions, coupled with increasing bets for further RBA rate cut move in the coming months had been weighing heavily on the China-proxy Australian Dollar.
This coupled with the recent US Dollar rebound - despite firming market expectations that the Fed will cut rates by the end of this year, further collaborated to the pair's ongoing slide to sub-0.6900 level, the lowest since May 24.
Meanwhile, Friday's mixed Chinese macro releases - showing an unexpected decline in Fixed Asset Investment and Industrial Production, largely offset by stronger monthly retail sales figures, did little to provide any meaningful impetus.
Moving ahead, Friday's economic docket also highlights the release of US monthly retail sales, which might now be looked upon for some short-term trading opportunities later during the early North-American session.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.